SWITZERLAND | The Coca‑Cola Company and Gutsche Family Investments have agreed to sell a 75 percent controlling interest in Coca‑Cola Beverages Africa Pty. Ltd. to Coca‑Cola HBC AG.
CCBA is the largest Coca‑Cola bottler in Africa. It operates in 14 countries on the continent and accounts for about 40 percent of all Coca‑Cola product volume sold across Africa.
At the same time, Coca‑Cola HBC is one of the largest Coca‑Cola bottlers in the world, with operations in 29 countries across Europe and Africa, including Nigeria and Egypt.
Coca‑Cola will sell 41.52 percent out of its 66.52 percent stake in CCBA to Coca‑Cola HBC, and Coca‑Cola HBC is acquiring 33.48 percent of CCBA that is held by GFI. In total, the transaction values 100 percent of CCBA at an equity value of USD 3.4 billion.
The transactions are targeted to close by the end of 2026.
Coca‑Cola and Coca‑Cola HBC have also agreed to a separate option agreement for Coca‑Cola HBC to acquire the remaining 25 percent of CCBA still owned by Coca‑Cola within a six-year period from closing.
The sale of Coca‑Cola’s stake in CCBA is another significant step in the ongoing refranchising of company-owned or controlled bottling operations.
“Coca‑Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, executive vice president and chief operating officer of Coca‑Cola.
“Coca‑Cola HBC has demonstrated a strong track record of growing our system across Africa, having strong market share growth in Egypt and realising strong volume and share growth in Nigeria over the past several years. We are pleased with Coca‑Cola HBC’s continued and aligned investment in the Coca‑Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”
After the sale, the Gutsche family will continue its involvement in both the Coca‑Cola system and Africa through its ownership stake in Coca‑Cola HBC.
“For more than eight decades, the Gutsche family has been dedicated to developing the Coca‑Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche.
“Coca‑Cola HBC is the ideal partner to carry the CCBA business forward and to realise their shared vision for the Coca‑Cola system on the continent.”
Following the closing of the acquisition, Coca‑Cola HBC will represent two-thirds of Africa’s total Coca‑Cola system volume and cover over 50 percent of the continent’s population, solidifying its long-term commitment to growth in Africa.
With a proven track record of operating in Africa for nearly 75 years since its founding in Nigeria, the acquisition creates a platform for Coca‑Cola HBC to share best practices, roll out its leading bespoke capabilities, and invest further in CCBA to drive sustainable, profitable growth.
“We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership,” said Zoran Bogdanovic, CEO of Coca‑Cola HBC.
“With almost 75 years of experience in Nigeria and with our successful acquisition of Coca‑Cola’s bottling business in Egypt in 2022, we see huge growth opportunities in Africa. It has a sizable and growing consumer base and significant potential to increase per capita consumption.
Coca‑Cola HBC’s acquisition of CCBA is targeted to be completed by the end of 2026, subject to satisfaction of conditions, including customary regulatory and antitrust approvals.
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